不平等性正在杀死资本主义

伦敦—一个广泛承认的共识是,2008—2009年的危机肇因在于过度的银行借贷行为,而之所以在危机之后不能完全复苏,也是因为银行由于“损坏的”资产负债表拒绝借贷。

哈耶克和奥地利学派的追随者最喜欢的故事是:在通向危机的过程中,银行贷给借款人的钱超过了存款人准备贷出的钱,而之所以如此,是因为中央银行——主要是美联储——提供了过多的廉价资金。商业银行由于获得了央行的资金而兴奋不已,把钱借给了大量并不靠谱的投资项目,而金融创新的大爆发(特别是衍生工具)更是助长了这一借贷疯狂。

当美联储最终以升息的动作停止了支出狂欢后,债务的倒金字塔崩塌了。(美联储将其基准利率——联邦基金利率从2004年的1%提高到了2006年的5.25%,并一直维持该水平至2007年8月。)结果,房价崩盘了,留下的是一大批僵尸银行(负债远超资产)和遭受重创的借款人。

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